New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-08-12
Y on the other hand the

20 xenture a guess even gu this interesting point.
There " ere frequent inquiries If the Fifth Avenue
bnnsa 70 which MIR Ives was about to remove ac-
cordipp 10 a statement published a day or two ago.
was Inclu ced in the available assets .ho
The men beers of the firm lett TIER once 10 t,e
clerks and the assguee-Mr Ives not long after !ne
close of business at the Stock Exchange ana Mi.
Stayper inst before O'clock. They refused 10 say
ANYTHING in regard to Their Affairs and referred IN
quirers TO their assignee.
WHAT THE ASSIGNEE SAYS
Mr.. Cromwell said to q TRIBUNE reporter: his
assignment is not an OF linary one, you must un-
derstand because it was not made under any mme-
date pressure. The course was decided on after
full discussion and with the warm approval OF all
persons interested in the firm. 1t was cons dered
necessary. in view OF the negotiations in progress,
that there should be some one person VINO couli
speak with authority for Ives d Co. happeneu
10 be selected aud the uDanimlty with whGh aro
creditors urged to accept the position - Wy
gratifying. can form no de1nit" notion ., .t1
condition oil the firm, for am only lanii1 WI
tho Cincinnati. Hamilton and Dayton NAN o'u;
Mr Ives told me this afternoon that be estimated
the liabilities at $15.0U0OOO, out cannov say
whether the actual amount II aoo'e vi ooio" '"''
sum-. . IT. oa,,,orv 20 roI
shares or q little more than hall OF the autuorIzeu
issue of $1O,0O0,000 preferred Stock nc ceien-
natas were cancelled at the Office of Hlnslow,
Tanier q, Co.. wlo will bc the Newly ork nscal
agents under the ne management. Speaking o1
this Mr. Cromwell said: The company look th'S
stock from she firm IN settlement OF that amouht o.
its Indebtedness Ives Co. held u ana 10 iact
accepted it ana released the firm TO that amount:
lecause they we're anxious to get Tue stock OUT OF
the way IclDnGt say whether Mr.. Ives estnnateu
the liabilities aside from .h.s transaction cu am
inclined to TIL nix the fifteen millions were exclusive
of it," ,:.
he smoke of were likely to be successful, he sald
" | cannot, of course. tell. but l think syndicate
may be formed in some way. IL II Snouid Eot w
well, the asst gnn ent will still stand 49, /.
Al meeting Of the directors OF tne CINCINNATI
Hamilton aud Dayton Railroad Company yeSercc
day. the resignation of t.. Wilson MoouIuu, Vi
New-Yorx. who has been the secretary anu ireaS,
urer under the Ives mana cement was accepted anu
j. II. Short. of Cincinnati, nember Oh the ne"
Board, was elected in his place.
OPINIONS OF FRIENDS OF THE CREDITORS.
James Thomson, of the law firm of Foster q
Thomson, counsel for William Fellowes Morgan,
who has been active In the consultations attending
the lnyesti cation of the affairs of Ives Co.. SAID
The assignment has been contemplated since the
beginning of the week. when the complications IN
the Affairs OF the firm and the railroads win which
they were connected began TO be more 'uily unucI
stood IL aas recognized the best step that
could be AIKEN for The safety of Ives Co. ana tne
benefit Of their credit rs There has been much talk
NJ schemes for COMPOSING the affairs of the firm and
STRENGTHENING ont the complications ana III was
generally agreed that the best pro9ress conin 1t
made only after Ives s. Co. had reilnqHshed the
nersopal control of their matters. Tbs they have
now done. aud 1t will be a sdhject for settlement
between all the various parties lnteresteu sooJec'
tn the authority OF the County Clerk 5 once
Mr. Thomson SAID that lie could give no lcea, OF
the liabilities or assets of the firm When asked
whether the estimate of S2O,OoU,OOO IA lIlies auu
SOL 600 900 assets, which had been given ont pre-
suinably in the interest OF MI Ives, was anywhere
near correct, he anghingly declared tnat aihos'
any figures might be taken 80 FAR as an accutats re-
suit was hoped for. But he was inclined TO thlaK
that great part of the figures could be wiped out
on "a settlement, and that the actual dineronces pe-
tween the dehts and the assets would DE reduceu 10
Another friend of the New-York creditors said
that tha assignment simpihed the situation great
deal He added: " ! think tNat the secured cred
tors Of Ives Sc Co. will come out al right Most OF
fine loans where Cincinnati, Hamilton and Dayton
stock forms part of the security have been made
by wealthy men who will not need 10 press the
stock for sale npon the market Ihere is no DANGER
of trouble to William L. Morgan y 20. OF other 0i
the concerns from thu assignment ANY tlonoie
that might have threatened them was aVertea TWO
weeks ago when whatever hquidatiohs were heCes
sary to carry them through on the general market
were made. 1t is likely that the Sccnren creditorS
will come out all right and tEat the bulk OF tue
trouble with Ives Co will ne cleared away
spsediIy The final settles with the Unsecured
creditors will probably take longer time. ne
Vandala ROAD is the largest OF these unsecured
creditors and what its final steps " Ill he no Que
can say The sum OF the whole matter IS that Dy
tie retirement of Ives and SlayneT from the nan
arement of he roads concerned IN the COLLAPSE all
their power FOR harm was ended. The assignment
now puts their affairs in shat where thcy VIII De
settled among tie creditors and the stockholders
without interference from the personal directloh o
wishes OF Ives and Stayner
A man who has been closely concerned in the
recent developments OF the hrms aHrlrs sag
1.-THE assignment is only the inevitable end OF The
result OF Mr. Garrett breaking oil all negotiations
with Ives Co. The official announcement made
nv him prior to bis departure To Europe robbed Ives
of the prestige which might have chung to bun as
long as the president OF so great corporation q,
the Baltimore aud Ohio bob-nobbed with MIN ana
his lawyers. 1t put Ives, too III a position where
his creditors, who had been so lenie1t win nm.
had their eyes opened and began 10 ook more
closely after the banker whose promises ana talK
were so big and whose performances proved TO be
SO small 1t only needed Investigation TO slow how
hollow was the ernst upon whlcn ms hnahciai rep
afs1
Never, his hacker, bitterly declared az last Satur
DAYS conference in Cincinnati, that Ives had
sgntted the treasury OF the Cincinnati, Hamilton
and DAYTON the knell o: this so-oalled Napoleon OF
Finance was sounded Mr Ives recognized that
the end was approaching. lie was at no Tune de-
tiant; at no time did he treat the men who had Il
right to demand explanations except as man who
admitted that right. When the Cincinnati stock
holders came on to this city last Sunday and met
the NewYork creditors, the subject of the rel ire
ment OF Ives and Stayner not only from their
off tIal positions as managers OF the CINCINNATI
Hamilton aud Dayton bat from .he control OF theIr
own affairs was immediately consi cred. Repre-
sentatives of the TeIre HaGte and Indianapolis lthe
so-caled Vandalial were with us ana insisted on
M Ivess resignation of his short-liSed presidency
The resignations were made and the new men put
into the vacant places when the subject oi Oh
assignment by Ives g. Co. was broached every one
fol. that it was necessary to keep Mr. Ives tractabe
and to let him down as easily as possible so ny
general agreement the assignment was made TO MI.
Cromwell the lawyer who has been legal represent
alive of the Cincinnati. Hamilton and Dayton
under the Ives management Mt; Cromweli IL q
man of high reputation WHO Will hill ms position as
man Of integrity should. He wi ii do all that lies
in his power to see that the assignOrs receive iul
iust,ce, but We have no doubt that he Will zeal
ously reuder unto the various classes of creditors
the need OF their righteous eguities'
iUn talking about the possible outcome f settle
Hent of Ives & Co.. affairs lawyer connected
with the creditors said " Almost any one can ne
uTe upon the gross liabilities OF the concern. ne
amount runs INTO the millions, bnt INK Mr. Ives
is exsRgerating when he puts the sum al
$20,OO0000. lie wants TO be Big even wheh ne
diss You must remen Der that in the net result the
release of loans will contribute largely to the
assets Much of tue stock now out on loans coulo
nav them twice over. That is, every dollar IN many
loans Is covered two three times over III many
of tle loans could be taken mp the STOCK held al
collateral might command III the market grea